KDK.V · 2023-07-27 12:00:00

Kodiak's West Zone Drilling Intersects 0.51% CuEq over 158 m, Within 0.34% CuEq over 533 m from Surface, and Discovers New High- Grade Copper-Gold-Silver and Mineralized Breccia Zones

Drill Results

Kodiak's West Zone Drilling Intersects 0.51%

CuEq over 158 m, Within 0.34% CuEq over 533

m from Surface, and Discovers New High-

Grade Copper-Gold-Silver and Mineralized

Breccia Zones

Vancouver, British Columbia--(Newsfile Corp. - July 27, 2023) - Kodiak Copper Corp. (TSXV: KDK)

(OTCQB: KDKCF) (FSE: 5DD1) (the "Company" or "Kodiak") today reports drill results from the fully

funded, large drill program at its 100% owned MPD copper-gold porphyry project in southern British

Columbia. Assay results from the

first three holes drilled in 2023 at the West Zone (MPD South /

Axe claims)

are presented in this release.

Highlights

Kodiak's drilling at the West Zone to date has confirmed porphyry mineralization

from surface

over an area of 300 metres by 300 metres and up to 819 metres depth

, extending well below

historic drilling and open to extension.

A new zone of structurally hosted high-grade copper-gold-silver mineralization

has been

discovered to the east of the West Zone.

For the first time

at the MPD project, significant

mineralized hydrothermal breccia has been

drilled.

The breccia includes

copper mineralized clasts suggesting additional undrilled

mineralization at depth

West Zone Drill Results - Figures 1, 2, and 3, Table 1

Three drill holes were completed into the West Zone, collared near the centre of the geophysical

target and drilled to the south, vertically, and to the east.

Additional drill holes are also being

completed, with assays pending.

Drill hole AXE-23-001, drilled towards the south, intersected significant mineralization from

bedrock surface to 539 metres depth

. Assays include 0.28% Cu, 0.28 g/t Au and 0.83 g/t Ag

(0.51% CuEq*) over 158 metres

, within a broader interval of 0.18% Cu, 0.20 g/t Au and 0.61 g/t

(0.34% CuEq*) over 533 metres

Figure 6

Drill hole AXE-23-002, drilled vertically, intersected mineralization

from surface

to 488 metres

depth

, assaying 0.21% Cu, 0.30 g/t Au and 1.36 g/t Ag

(0.45% CuEq*) over 203 metres

, within

0.15% Cu, 0.16 g/t Au and 0.80 g/t Ag

(0.28% CuEq*) over 482 metres

Drill hole AXE-23-003, drilled to the east, also intersected

from-surface mineralization

assaying

0.22% Cu, 0.27 g/t Au and 1.08 g/t Ag

(0.44% CuEq*) over 51 metres

, within a broad interval of

0.13% Cu, 0.20 g/t Au and 0.61 g/t Ag

(0.29% CuEq*) over 209 metres

West Zone drilling by Kodiak and others show an approximately

1:1 ratio of g/t gold to %

copper

, similar to the central Gate Zone and usually indicative of higher temperature

mineralization.

Gold-Rich Mineralization Within the West Zone

A review of drill core from AXE-23-001, 002 and 003 suggests some of the high copper-gold-silver

values observed within the intervals reported in Table 1 also originate from interpreted north-south

trending vein-like structures that enrich the porphyry mineralization.

Examples of these are:

AXE-23-001:

5.14 g/t Au, 2.68 g/t Ag and 0.83% Cu

over 2.1 metres at 21 metres downhole

AXE-23-002:

10.7 g/t Au, 2.16 g/t Ag and 0.10% Cu

over 0.8 metres at 591 metres downhole

AXE-23-003:

9.51 g/t Au, 3.31 g/t Ag and 0.33% Cu

, over 0.9 metres at 71 metres downhole

AXE-23-003:

8.29 g/t Au, 17.15 g/t Ag and 0.13% Cu

over 0.8 metres at 192 metres downhole

New Structurally Hosted High-Grade Zone

Drilling east beyond the limits of the West Zone magnetic anomaly, drill hole AXE-23-003

intersected a new, structurally controlled high-grade copper-gold silver zone assaying

0.93% Cu,

0.64 g/t Au and 3.2 g/t Ag

(1.44% CuEq*) over 16 metres

starting at 274 metres down hole.

Figures 1, 2, 3 and 4, Table 1

The interval contains distinctive copper-gold-silver zone with semi-massive pyrite-chalcopyrite

mineralization in phyllic/propylitic altered andesite.

Figure 4

Discovery of Mineralized Hydrothermal Breccia

A new discovery was also made at depth in vertical drill hole AXE-23-002 where

mineralized

high-temperature, high-energy hydrothermal breccia was intersected

over 175 metres from

644 to 819 metres. The hole was lost prematurely in mineralization.

This is the

first significant

breccia-hosted porphyry mineralization drilled at MPD

Figure 5

The breccia contains

chalcopyrite-mineralized clasts which account for a portion of the

total mineralized grade

. In most high-energy hydrothermal breccia systems, mineralized clasts

indicate a

separate, deeper mineralized zone below the breccia

. Future drilling will test for

mineralization at depth, including the source of the mineralized clasts.

The discovery interval assayed

0.29% Cu, 0.22 g/t Au and 0.72 g/t Ag

(0.46% CuEq*) over 30

metres

, within a broader zone assaying

0.11% Cu, 0.13 g/t Au and 0.53 g/t Ag

(0.21% CuEq*)

over 175 metres

, which remains open at depth.

Figures 1, 2 and 3, Table 1

Claudia Tornquist, President and CEO of Kodiak said, "I am very pleased with these initial results from

our 2023 drill program. The first three holes at the West Zone are a promising start and confirm our

thesis that porphyry mineralization exists below and adjacent to shallow historic drilling. The West Zone

is only one of several targets we will test this year and I am looking forward to the next batch of results

from the Man Zone where our second drill is currently turning. In total we are aiming to test four or five

targets in 2023, each with excellent discovery potential."

Chris Taylor, Chairman of Kodiak said, "We have been looking for mineralized breccias like the ones we

have discovered beneath the West Zone since we began drilling at MPD, as higher-grade breccias are

key contributors to many alkalic porphyry mines.

We interpret both MPD North and MPD South as

overlying major structural intersections that controlled porphyry magma emplacement and are using

geophysical and drill data to define new targets within these mineralized corridors.

This approach has

proven effective in similar alkalic porphyry systems such as the Cadia-Ridgeway deposits in Australia,

and locally at many British Columbia porphyry mines including Copper Mountain, Mount Polley and Red

Chris."

Figure 1:

West Zone plan map showing 2023 Kodiak drilling to date with assays (yellow traces).

Bar

graphs showing downhole copper (green) and gold (red) values. Background is Heli TMI magnetic

data (Xstrata, 2012).

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/3803/174980_912c2984243a5a51_002full.jpg

Figure 2:

West Zone north-south long section at 677400mE (looking west). See Table 1 for results

from new holes AXE-23-001, AXE-23-002 and AXE-23-003

To view an enhanced version of Figure 2, please visit:

https://images.newsfilecorp.com/files/3803/174980_912c2984243a5a51_003full.jpg

Figure 3

: West Zone east west long section at 5503100mN (looking north). See results Table 1 for

new holes AXE-23-001, AXE-23-002 and AXE-23-003.

To view an enhanced version of Figure 3, please visit:

https://images.newsfilecorp.com/files/3803/174980_912c2984243a5a51_004full.jpg

Figure 4:

Example of core from 2023 drilling at the West Zone, hole AXE-23-003. New copper-gold-

silver zone with semi-massive pyrite-chalcopyrite mineralization in phyllic/propylitic altered andesite

breccia east of historic drilling. Core is within a 16-metre intercept reporting 0.93% Cu, 0.64 g/t Au and

3.20 g/t Ag from 274 to 290 metres.

To view an enhanced version of Figure 4, please visit:

https://images.newsfilecorp.com/files/3803/174980_912c2984243a5a51_005full.jpg

Figure 5:

Two examples of core from 2023 drilling at the new lower zone, West Zone, hole AXE-23-002.

Fragmental polymict breccia including chalcopyrite mineralized clasts in a potassic altered rock flour

matrix with disseminated to blebby chalcopyrite and pyrite mineralization.

Core is within a 30-metre

intercept reporting 0.29% Cu, 0.22 g/t Au and 0.76 g/t Ag from 767 to 797 metres, towards the bottom of

the drill hole.

To view an enhanced version of Figure 5, please visit:

https://images.newsfilecorp.com/files/3803/174980_figure5.jpg

Figure 6:

Example of core from 2023 drilling at the West Zone, hole AXE-23-001. Altered andesite

volcanoclastic breccia with quartz-chalcopyrite-pyrite disseminated and as patches

in matrix. Core is

at 515 metres within a broad 533-metre intercept reporting 0.18% Cu, 0.20 g/t Au and 0.61 g/t Ag from

6 to 539 metres.

To view an enhanced version of Figure 6, please visit:

https://images.newsfilecorp.com/files/3803/174980_912c2984243a5a51_008full.jpg

Table 1:

Weighted assay intervals for 2023 drill holes AXE-23-001, AXE-23-002 and AXE-23-003

(West Zone). See Figures 1, 2 and 3

Hole ID

From (m)

To (m)

Interval** (m)

% Cu

Au g/t

Ag g/t

%CuEq*

West Zone

AXE-23-001

539

533

0.18

0.20

0.61

0.34

includes

164

158

0.28

0.83

0.51

includes

374

431

0.14

0.48

0.64

0.51

AXE-23-002

488

482

0.15

0.16

0.80

0.28

includes

209

203

0.21

0.30

1.36

0.45

includes

182

209

0.50

0.40

1.80

0.82

and

644

819

175

0.11

0.13

0.53

0.21

includes

767

797

0.29

0.22

0.72

0.46

AXE-23-003

215

209

0.13

0.20

0.61

0.29

includes

164

215

0.22

0.27

1.08

0.44

and

274

289

0.93

0.64

3.20

1.44

*Copper equivalent grades (%CuEq) are for comparative purposes only.

Calculations are uncut and recovery is assumed to be 100% as no

metallurgical data is available.

Metal prices of US$3.75/lb copper, US$1,950/oz gold, and US$24/oz silver, using the formula: %CuEq = Cu grade +

(Au price x Au grade + Ag price x Ag grade)/31.104/ (Cu price*22.046).

**Intervals are downhole drilled core intervals.

Drilling data to date is insufficient to determine true width of mineralisation.

Table 2:

2023 MPD Drill Collar Information

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